Xinyuan Real Estate Q2 Profit Plunges - Quick Facts

(RTTNews) - Xinyuan Real Estate Co., Ltd. (XIN), a residential real estate developer, said its second-quarter 2014 net income fell 82.6% to $6.8 million, from$39.4 million, reported a year back. Quarterly net earnings per American Depositary Share or ADS attributable to shareholders were $0.08, down compared with $0.54 per ADS in the prior-year quarter.

Total revenues were $166.8 million this quarter, a 16.0% decline from $198.5 million reported in the second quarter of 2013. However, contract sales amounted to $198.7 million, up 1.4%, compared with $196.0 million recorded last year.

Going ahead, the firm sees third-quarter contract sales of about $265 million to $280 million, and revenue of $220 million to $230 million, while net income is likely to reach $7 million to $9 million.